Tax Tip of the Week
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For the week of
JANUARY 25, 1999
You can pay the IRS in installments.
As most taxpayers who make quarterly estimates know, January 15, 1999, is the due date for the final installment of 1998 estimated income taxes.
What if you can't make your estimated tax payment? What if you can’t pay your balance due come April 15th? The IRS will work with you to set up an installment plan.
If the balance due is less than $10,000 and the requested payoff time is less than thirty-six months, you should find the IRS very willing to cooperate. Even on larger balances, the IRS will review any agreement which is reasonable under the circumstances.
If you are granted a time payment plan, you will be required to pay an interest charge. And if you miss even one scheduled payment, your agreement is canceled.
If you owe more tax than you can ever hope to pay, there is a program called "offer-in-compromise."
For details or for assistance with any of your tax, business, or financial questions, please call.
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"Tax Tips" are published weekly to
provide useful tax information. Return to this site every week for helpful tax-cutting suggestions, tax reminders,
and current tax information.
The information contained in this site is of a general nature and should not be acted upon in your specific situation
without further details and/or professional assistance.
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